21st May 2022

Relative Strength Index Scans

Relative Strength Index Scans

Relative Strength Index (RSI) is one of the most widely used momentum Indicators that helps us to understand the magnitude of recent price changes to evaluate a stock whether it is in an overbought or oversold zone.

RSI Scans

If the RSI Value is over 70, it is considered as overbought. Similarly, if the RSI Value is below 30, it is considered as oversold.

Features Available in RSI Scans End of Day

In the RSI Scans EOD, you can find the stocks that are overbought, oversold, trending Up, trending down, bullish, and bearish, (Based on RSI). You can also get data of stocks like Symbol, LTP, RSI Value, RSI.

LTPThe full form of LTP is the Last Traded Price. The price at which the last trade occurs between the buyer and a seller in the stock exchange. The LTP value varies in the live market.
SymbolA stock symbol is a unique series of letters assigned to a security for trading purposes. If you click on any stock symbol, you can view detailed technical information of the stock. 
RSI OverboughtHere you can find the stocks for which RSI value is above 70
RSI OversoldHere you can find the stocks for RSI below 30
RSI trending UpHere you can find the stocks whose RSI is in upward direction from the last 3 days. If the RSI value is above 50 from the last 3 days it is trending up.
RSI trending downHere you can find the stocks whose RSI is downward from the last 3 days. If the RSI value is below 50 from the last 3 days it is trending down.
RSI bullishHere you can find the stocks whose RSI is turning to be bullish and cross 30 from below.
RSI bearishHere you can find the stocks whose RSI is turning to be bearish and cross 70 from above.

How to select RSI Stocks using Intraday Screener

Using intraday screener you can also find the stocks that are overbought, oversold, trending up, tending down, bullish and bearish based on RSI.

  • Initially you have to find the RSI value of the stocks using intraday screener
  • When you find out the stock that has an RSI value above 70, it is in an overbought zone. Here  you have to look for selling opportunity not for buying opportunity especially near resistance level 
  • Similarly, when you find out the stock that has an RSI value below 30, it is in an oversold zone. Here you have to look for buying opportunities not for selling opportunities especially near support level..
  • In RSI Trending up you can find the stocks that are moving above 50 in upward direction
  • Similarly, for RSI Trending down you can find the stocks that are moving below 50 in downward direction.
  • when the stocks have gone above 70 RSI value and then coming down, are considered as Bearish stocks.
  • Similarly when the stocks have gone below 30 RSI value and then moving up are considered as Bullish stocks.

How to use RSI Scans 

By using this RSI Scan, you can find the overbought, oversold, trending up, trending down, bullish and bearish stocks very easily. You can also use this data for the next trading day.If the RSI value is above 70, it is time to sell your stocks because there is a possibility for the trend reversal (downwards). Similarly, if the RSI value is below 30, it is time to buy the stocks because there is a possibility for the trend reversal (upward).

Relative Strength Index – Example

Let us take an example of “TRIDENT” stock in tradingview, which has an RSI above 70 (overbought). 

Trident Ltd